Let’s face it. No matter what type of property you own, every homeowner can benefit from an inspection of their home. But for some, a home inspection may not be in their budget or seem like a necessary inconvenience. But is skipping a home inspection a wise decision? Here are some of the pros and cons of skipping a home inspection.
Pros of Skipping Home Inspection
You’ll Save Money on Inspections
Home inspections are not cheap. While the cost of an inspection can vary depending on several factors, the average price for a professional home inspection is $340, according to Forbes.
If you decide to move forward with purchasing a home without the inspection, you’ll save anywhere from $200 to $500.
Your Offer Will Be More Competitive
If a seller knows that inspection issues won’t hold up the escrow, your offer will be more attractive. You’re also less likely to lose out on the house in a competitive market. Buyers are waiving inspection contingencies, combined with a slightly higher offering price, which makes the real estate market very competitive.
REMEMBER! We’re not recommending you don’t inspect the house. What you’d be waiving is the inspection contingency not the inspection itself. Waiving the contingency does not mean you should skip the inspection.
Cons of Skipping Home Inspection
The Condition of the Home is Unclear
An inspection will reveal any significant issues that require immediate attention and may help prevent unexpected costs in the future.
If a house has sustained water damage from a leaky roof, has a faulty HVAC system, or broken appliances, a home inspection will bring these issues to light.
Without a home inspection, unless the buyer is a contractor or handyman, a buyer won’t know about these issues before purchasing the home.
Credit Back for Repairs
Home inspections reveal flaws in a home. If you don’t have that report, you won’t know what those flaws are, and you won’t be able to negotiate a credit back from the seller.
If repairs are needed, you may be able to negotiate a credit back for repairs based on the estimates to make those repairs.
The Bottom Line
Deciding to have a home inspection or not is relatively easy. It’s always wiser to have a home inspection whether or not it’s a contingency of the sale. If something is dramatically wrong with the house, you will know upfront before closing. There’s nothing worse than a surprise condition issue after closing the sale.
Title Group of Tennessee can handle every aspect of your real estate transaction. We provide a wide range of services to assist you in closing your deal and making sure everything goes smoothly.
To find out more about our services or how we can help you, call us today at 865-392-5801 or click here.
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